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Yorkton Company purchased for $415,000 equipment having an estimated useful life of 10 years with an estimated residual value of $25,000. Depreciation is calculated to
Yorkton Company purchased for $415,000 equipment having an estimated useful life of 10 years with an estimated residual value of $25,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required Complete the following schedules (round calculations to the nearest whole dollar): 1. Assuming the purchase was made on January 1, 2020. 2. Assuming the purchase was made on July 1, 2020. 2020 2021 2022 A. Double-declining-balance method Equipment. Less: Accumulated depreciation... Year-end book value... Depreciation expense for the year..... B. Straight-line method Equipment. Less: Accumulated depreciation........ Year-end book value... Depreciation expense for the year
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